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Full Comp or 'Fire or Theft'? [fixed]

Discussion in 'Politics, Laws, Government & Insurance' started by Corey13, Jun 19, 2010.

  1. Is Full Comprehensive really necessary for a bike? I think I may not know the full ins and outs of what you get for each of these, so if someone could help me out thatd be great, Also has anyone used InsuremyRide Insurance?? They seem to be pretty cheap, just looking to see if anyone has had any big problems with them yet, Thanks

  2. Re: Full Comp or CTP?

    ask yourself this question - if you have an accident and your bike gets written off, can you afford to either buy another one outright or live without one while you save up again?

    If the answer is yes, then you probably don't need comprehensive (which doesn't mean you don't want it though).

    If the answer is no, either you can't afford to replace it or you can't afford to be without it, then sounds like comprehensive is the go.

    Just bear in mind that it is easy to write off your bike because of what a car has done without a) making contact with the car, or b) getting the rego of the car even if it is responsible. I've heard lots of people who have seen someone start to pull out and grabbed a handful of front brake and that was end of bike, but the car just drove away oblivious of the lowside going on in their rear view mirror.

    No experience with insuremyride.
  3. Re: Full Comp or CTP?

    Agree with blacke. If you can't afford to buy a replacement if you bin it or it gets stolen, get full comp.

    I have full comp with insuremyride. My r6 got stolen and I had no problems getting everything sorted. I bought another bike and am insured with them again. Pays to shop around too, amazing how much prices differ
  4. Re: Full Comp or CTP?

    If you can't afford to insure it, you can't afford to ride it.
  5. Re: Full Comp or CTP?

    What if you can, but choose not too?

    I know a few people who would say that comp for a learner is not worth it overall in the long run - high premium's, bloated excess, increased insurance next time if you do claim. I got comp because I could probably afford the extra later, and its nice having the immediacy of insurance replacing the bike.

    Either way, definitely get third party insurance as opposed to CTP, which really doesnt cover you for anything.
  6. Re: Full Comp or CTP?

    yeah sorry - I was contrasting comprehensive with 3rd party (fire & theft).

    Do NOT go out on the road with only CTP. The minimum you should be insured for is the damage you cause to other people's property in the event you are deemed at fault. The consequences of being held liable without it are too severe IMO to justify not having it (imagine lowsiding in front of a Mercedes SLK, who swerves to miss you and rams into a tree. How long would it take you to pay off his car?)
  7. Re: Full Comp or CTP?

    Having comprehensive means you can go around corners faster :p
  8. Re: Full Comp or CTP?

    Ok sorry, so umm whats 3rd party Fire and Theft? Ive been told to just get that because comprehensive isnt worth it on a bike but i wanna hear this from people that actually RIDE bikes lol
  9. Re: Full Comp or CTP?

    fix the title

    why do people persist in thinking CTP covers other vehicles!


    A Green Slip is an insurance policy linked to your vehicle that provides cover for compulsory third party (CTP) personal injury insurance when you or the person driving your vehicle is the driver at fault in an accident, and in certain circumstances regardless of who was at fault.

    CTP Insurance is compulsory, and must be taken out when registering a motor vehicle. Wherever you live in New South Wales, your Green Slip will only cover your vehicle if it is registered. If it is not registered you may be personally liable for any injuries you cause in a motor vehicle accident.

    Australia wide, 24 hours a day, your CTP insurance covers:

    •your passengers
    •other road users, such as drivers, passengers, pedestrians, cyclists, motor cyclists and pillion passengers
    •injuries caused through the use of a trailer
    It does not cover:

    •damage to property or other vehicles

    3 insurance types for motor vehicles:
    1. CTP or greenslip - personal injury see above
    2. Third party property - other peoples shit that you break only; not your own. Can include loss by fire of theft of you own vehicle for extra premium. Usually limited to a few grand of cover. Will not cover your vehicle if you crash it. This is what blackie means in his first post. This is cheap as chips and provides between 10 and $20 MILLION in cover.
    3. Comprehensive. #2 plus your own vehicle.
  10. Thread title edited to reflect intention (y)
  11. Question, does third party property, fire and theft include vandalism or deliberate damage while the bike is parked?

    If not, it would seem weird that the insurance company would give you $10k for a new bike, but not repair it for a couple of grand.
  12. Re: Full Comp or CTP?

    The way I see it, comprehensive is more worthwhile for a bike, since you're more likely to need it.
  13. I can't help but think that anyone with a car as a primary means of transport getting a bike should probably just pocket the $1-2k per year that comprehensive insurance would cost as a "new bike fund". I mean, in some cases 2-4 years of premium + 1 excess = the total value of the NEW bike, and insurance is only getting you a market value compensation.
  14. Ok, this is my understanding:

    Compulsory third party personal (which is part of your rego, aka green slip) covers injury to other people while in use of a vehicle.

    You then have an optional insurance of third party property which will cover the damage to someone elses vehicle but not yours. It also covers damage to property (in case you decide to park in someones living room.)
    You get comprehensive which will cover their vehicle and yours.

    If you damage someone elses stuff whilst using a vehicle then YOU pay the excess to cover the insurance payout.
    If damage is done to your vehicle and no person can be found accountable then YOU foot the bill in terms of an excess with comprehensive.
    If someone is found accountable and is proven then they pay the excess through their insurance company if a vehicle is involved.

    In the event that your in an accident and the other driver is at fault and they dont have TPP or Comp then they have to pay the full amount of the repairs to your vehicle. Same goes the other way.
    And that is why insurance is worth it. :grin:

    Feel free to nitpick at my explanation there. I have had a few beers and now must be rambling.
  15. Yep I understand all that, just wondering if TPPFT covered anonymous damage, in addition anonymous theft.
  16. I had just for the first time taken out insurance on the bike I bought last weekend.

    I must be in a lucky group as my full comprehensive costs me $430.

    My details are as follows:
    Over 25
    On my L's
    2006 GS500
    Have a rating 1 for life through driving a car
    No riding experience
    Covers $5500 on the bike
    Covers $1000 on gear

    Do I think it is worth it? Yes.
    Made 3 claims with my car comprehensive.
    1 - Guy smashed up my car with a tire iron (not at fault, person was arrested)
    2 - Dog ran out in front of my car and I hit it (not at fault, owners gate open. Dog was fine btw, rottwieler ftw!)
    3 - 3 Car pile up (at fault, I ran into someone and someone else ran into me)
  17. Nope.
  18. Re: Full Comp or CTP?

    SLK is following too closely if he can't safely stop. :angel:
  19. Okay, so in that case if someone so much as slightly scratches your bike, you should have a sign on it that says "please, just steal me".

    I just find it odd that it's a better situation for you to come back to your bike missing than damaged. (Something which costs the insurance company, say, $10k instead of $2k.)
  20. I just find it odd

    ...... it's insurance...... :LOL: